Peña was impeached on Friday and is in pretrial detention. He owned shares in Ueno’s holding company until he sold them last year. France 24 reported that he held the shares until 2025.
Ueno Bank, seized amid major solvency concerns, partially refunded 1,812,348 people, the institution said.
The collapse reaches well beyond the bank’s own customers. Ueno held more than $800 million in public funds, and the number of people affected by the crisis is larger than its direct client base.
That public role is why the failure became a national crisis. Within three years the bank became a major player, handling state pensions and the accounts of several government entities.
It began as a small fintech company with a digital-first model that attracted many low-income customers before it took on that place in state finance.
Former president Santiago Peña is accused of using his influence to steer millions in government deposits to Ueno and of directing public funds to the bank. He is also accused of hiding or downplaying its financial problems despite warnings about questionable loans and solvency issues.
The crisis triggered mass protests as well as Peña’s impeachment and arrest, linking the bank’s seizure to the removal of the president.